Believe it or not, a small to medium sized business has a greater chance of having a cyber-attack than it does of having a fire. At the Armstrong Company, we’re committed to providing insurance solutions that keep small and medium-sized businesses protected. Often times we can combine various coverage options into one convenient package – for more benefits than a typical Business policy and better savings through competitive pricing.
According to Symantec in 2017, the average annual cost of cyber attacks to small and medium-sized businesses was nearly $208,000. Many times a small business does not have the recourses to respond effectively and about 30% of small businesses are forced to close as a result of a cyber attack. Almost every state now has laws regarding breach notification and identity theft insurance requirements once a business has had a cyber breach.
Cyber Facts For Small Businesses
According to a study by Staysafeonline.org, small businesses are a few steps behind in cyber risk and safety.
- Two thirds (67%) allow the use of USB devices in the workplace.
- 77% do not have a formal written Internet security policy for employees.
- Only 50% say that all of their machines are completely wiped of data before disposal.
Here Are Some Warning Signs Your Business Is At Risk
- Poor or weak passwords
- No formal computer use policy
- Lack of up to date computer security programs
- People leaving computers on or logged in at night
- No client information storage policy or protocols
Cyber Insurance Options
Most insurers have excluded cyber risks from more traditional insurance policies such as Commercial General Liability (CGL). Some may offer a small amount of coverage, but it generally will not be enough. There are many new products on the market that can provide the needed protection. Call our office for more information.